Fortinet, Inc. (FTNT)
Fortinet sells integrated cybersecurity appliances and software combining networking and security in a single fabric.
Information Technology stock comparison
FTNT vs NVDA: which business are you actually underwriting?
NVIDIA (NVDA) is the larger business by reported revenue: $215.9B in its fiscal year ended Jan 2026, about 32× FTNT's $6.8B (fiscal year ended Dec 2025). FTNT's net margin was 27.3% and NVDA's 55.6%. The SEC classifies them differently (Computer Peripheral Equipment, NEC; Semiconductors & Related Devices); what connects them is shared exposure to the Artificial intelligence research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Sector
- Information Technology
- SEC industry
- Different
- Separate classifications
- Fiscal year ends
- Different
- FTNT December 31 · NVDA January 31
- Reviewed
- Feb 25, 2026
FTNT vs NVDA: quick comparison
| Company fact | FTNT | NVDA |
|---|---|---|
| Company | Fortinet, Inc. | NVIDIA Corporation |
| Exchange | NASDAQ | NASDAQ |
| Headquarters | — | Santa Clara, California |
| Founded | — | 1993 |
| SEC industry | Computer Peripheral Equipment, NEC | Semiconductors & Related Devices |
| Fiscal year-end | December 31 | January 31 |
| Latest annual filing | 10-K · 2026-02-25 | 10-K · 2026-02-25 |
FTNT vs NVDA: audited financials
- Scale: NVDA's $215.9B of revenue is about 32× FTNT's $6.8B.
- Net margin: NVDA kept 55.6% of revenue as net income versus 27.3% at FTNT.
- Cash conversion: operating cash flow equalled FTNT 38.1% of revenue, or 1.40× net income; NVDA 47.6% of revenue, or 0.86× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 1 month apart (2025-12-31 for FTNT, 2026-01-25 for NVDA), so each figure reflects somewhat different demand and cost conditions.
| Metric | FTNT | NVDA |
|---|---|---|
| Revenue | $6.8B2025-01-01 to 2025-12-31 · SEC filing | $215.9B2025-01-27 to 2026-01-25 · SEC filing |
| Net income | $1.9B2025-01-01 to 2025-12-31 · SEC filing | $120.1B2025-01-27 to 2026-01-25 · SEC filing |
| Operating cash flow | $2.6B2025-01-01 to 2025-12-31 · SEC filing | $102.7B2025-01-27 to 2026-01-25 · SEC filing |
| Diluted EPS | $2.422025-01-01 to 2025-12-31 · SEC filing | $4.902025-01-27 to 2026-01-25 · SEC filing |
| Net margin | 27.3%2025-01-01 to 2025-12-31 · SEC filing | 55.6%2025-01-27 to 2026-01-25 · SEC filing |
FTNT: FY ending 2025-12-31 · NVDA: FY ending 2026-01-25. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where FTNT and NVDA overlap, and where they don't
Overlap
- Shared research theme: Artificial intelligence.
Differences
- Different SEC industries: FTNT files as Computer Peripheral Equipment, NEC; NVDA as Semiconductors & Related Devices.
- Offset fiscal calendars: FTNT's year ends December 31 and NVDA's January 31, about 1 month apart.
- Only NVDA maps to Tariffs & trade.
- Scale: NVDA reported about 32× the annual revenue of FTNT.
- Profitability: net margin of 27.3% for FTNT versus 55.6% for NVDA.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
NVIDIA Corporation (NVDA)
NVIDIA makes the graphics processors and data-center accelerators that train and run most modern AI models. Its chips have become the default hardware of the AI boom, making it a bellwether for the entire sector.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves FTNT
We have not yet published a company-specific driver list for FTNT. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-25.
What moves NVDA
- Data Center compute and networking demand from cloud providers, AI developers and enterprises
- Revenue concentration among a limited number of partners, distributors and direct customers
- U.S. export controls, which the fiscal 2026 10-K says effectively foreclosed China's data-center compute market
- Foundry, packaging and memory supply from partners such as TSMC, concentrated in Asia
The investment question
You now know NVDA reports about 32× FTNT's revenue, and NVDA keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to artificial intelligence, including “Data Center compute and networking demand from cloud providers, AI developers and enterprises” at NVDA, and which evidence in the next filings would prove that assumption wrong.
Members-only research
Members-only research on FTNT and NVDA
NVDA · Aug 12, 2026
Issue 05: NVIDIA Is Building the Credit Market for AINVIDIA has found a way to turn knowledge of its own roadmap into a lower cost of capital for its customers. The result could move AI infrastructure from venture equity into private credit, insurance balance sheets and securitized debt.
Sep 22, 2026
Meta jumped 11%. What must happen next to justify the price?A member research report on Meta’s AI rally: Muse, subscription economics, the cash-flow burden, legal costs and the earnings assumptions behind the new price.
The thesis, the numbers behind it, and what would break it. Full access is $15 a month.
Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. FTNT's fiscal year ends December 31, while NVDA's ends January 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 17 matched transaction rows for FTNT and 178 matched transaction rows for NVDA. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
FTNT primary filings
NVDA primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
FTNT vs NVDA FAQs
Are FTNT and NVDA direct competitors?
Not necessarily. Fortinet files as Computer Peripheral Equipment, NEC and NVIDIA as Semiconductors & Related Devices. The pair is compared because both map to the Artificial intelligence research theme, not because the filings show head-to-head competition.
Is FTNT or NVDA the bigger company by revenue?
NVIDIA (NVDA) is the larger business by reported revenue: $215.9B in its fiscal year ended Jan 2026, about 32× FTNT's $6.8B (fiscal year ended Dec 2025). FTNT's net margin was 27.3% and NVDA's 55.6%. The SEC classifies them differently (Computer Peripheral Equipment, NEC; Semiconductors & Related Devices); what connects them is shared exposure to the Artificial intelligence research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, FTNT or NVDA?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this FTNT vs NVDA comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Fortinet, Inc. and NVIDIA Corporation tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-09-26. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-09-26. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
FTNT vs NVDA compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $15/month or $150/year.
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